Wed­ding spend­ing on the rise

China Daily (USA) - - NEWS CAPSULE -

China’s wed­ding in­dus­try, which stood at $210 bil­lion in 2017, is es­ti­mated to surge 24.66 per­cent year-on-year to reach $265 bil­lion this year, and to sur­pass $438 bil­lion by 2021, ac­cord­ing to a re­port re­leased by mar­ket re­search com­pany ASKCI Con­sult­ing.

The growth comes de­spite fewer peo­ple get­ting mar­ried. Sta­tis­tics from the Min­istry of Civil Af­fairs showed that last year 10.59 mil­lion cou­ples reg­is­tered their mar­riage in China, down roughly 7 per­cent from 2016. That marks four years of con­sec­u­tive de­clines.

But as the post-1990s gen­er­a­tion be­come the back­bone in the in­dus­try, their higher con­sump­tion de­mands are driv­ing them to spend more on their wed­ding.

Specif­i­cally, the in­dus­try is un­der­go­ing a tran­si­tion to­ward a more frag­mented model, cov­er­ing wed­ding pho­tog­ra­phy, hon­ey­moon tourism and ban­quets.

(Photo 3)

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.